Hello, everyone. I want to share a story of great change underway in the Philippines, driven by the work of many people like Nass. Nass is a dedicated policy expert who has advised key government officials on the country's climate agenda. Now, Nass is leading hundreds of climate leaders, mobilizing local governments and companies to shift to 100 percent renewable power. Because of their work last year, three companies and two city governments have chosen to do so.
Nass is not alone. Across the Philippines, thousands of people have come together to find effective ways to tackle runaway climate change. These include policymakers, scientists, young people, community leaders, small and large business owners. They are breaking down the barriers that stand in the way of cheaper and cleaner renewable power, such as wind and solar.
Because of this huge collective effort, I am now filled with hope that the Philippines is moving towards an economy powered by the sun and the wind.
My name is Kala Constantino from the Tara Climate Foundation, and I am proud to know and work with people like Nass who have made this transformation possible.
The Philippines has long depended on imported coal and gas. Because of this, 114 million Filipinos pay one of the highest electricity prices in Southeast Asia. But people want change. The Philippines is highly vulnerable to the impacts of climate change, and we lose millions of dollars annually due to stronger and more frequent typhoons. For us, climate change is real. We see it every year in the storms that rampage through our communities, killing people, destroying infrastructure and agriculture. We see the energy transition as an opportunity to make our economy more resilient. Renewable energy can bring in economic opportunities and create jobs in new industries. Scaling up wind, for example, could add 1.1 billion dollars to our economy and create 80,000 new jobs over the lifespan of the wind farms.
The Philippine government recognizes this, and it's increasing its ambition for renewable power. Three years ago, the government adopted a moratorium on building new coal-fired power plants. Since then, several Filipino banks have adopted policies stopping the financing of coal and funding more renewables. The new energy plan aims to have renewables account for at least 35 percent of the power generation mix by 2030.
This would not have been possible without a diverse group of people committed to accelerate the country's transition to renewables. Ian has spent 20 years working with communities and vulnerable groups in cities and towns across the Philippines, calling on the government to transition to an inclusive economy powered by renewable energy. And Grace has spent 30 years promoting renewables with local governments as well as with multilateral development banks. Now she runs her own organization, building solar-powered plants in small islands in the Philippines. Lawrence develops innovative finance solutions to enable more private investments into renewables as well as to retire coal plants early. They include a new generation of young voices, too. Jeff analyzes and interprets power systems sata to drive home the story of why renewables are better, cleaner and cheaper. Avril is a young lawyer proposing regulations that will accelerate renewables deployment.
Thanks to their efforts and the efforts of many more people like them, the energy transition in the Philippines is gaining momentum. But it isn't over yet. Operating coal plants still provide 47 percent of our electricity, and there are plans to build seven new gas terminals. We need to transition away from fossil fuels as quickly as possible. To keep moving forward, we need to continue working together to increase investments for wind and solar, including offshore wind. We need to redraft regulations that hinder the growth of this sector. We need to build a modernized and distributed electricity grid that will be able to absorb and transmit more renewable energy. We need to ensure a just and fair transition for workers and affected communities.
A lot remains to be done before all Filipinos can benefit from cheaper electricity, a cleaner environment, a just and fair economy. And we will get there, hand in hand with energy transition champions from around the world.
Thank you.